Target Corp. (TGT) – Why are target stocks higher?
Target company TGT Shares are trading higher on Wednesday alongside several retailers amid overall market strength as stocks rebound from recent weakness. Target also announced leadership changes Wednesday morning.
Target CEO Brian Cornell reaffirmed his commitment to remain the CEO of the company for approximately 3 years. Additionally, the company announced Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire from Target. It will be replaced by Gretchen McCarthysenior vice president of global inventory management, effective immediately.
“During discussions of longer-term plans for the business, it was important for us as a board to assure our stakeholders that Brian intends to continue in his role over the years. beyond the traditional retirement age of 65. We enthusiastically support his commitment and continued leadership, especially given his track record and the strong financial performance of the company during his tenure,” said Monica Lozanoindependent lead director of the board of directors of Target.
Cornell said, “By caring for our guests, our team, our communities and our shareholders, Target has added nearly $40 billion in annual revenue since I joined the company, and in many respects, we are just getting started.”
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TGT Price Action: Target has a 52-week high of $254.87 and a 52-week low of $137.16.
The stock rose 4.48% to $170.91 on Wednesday afternoon, according to Benzinga Pro.
Photo: Mike Mozart of Flickr.